If you are looking for an adaptable credit card either as a beginner or an alternative to your previous card, the Aquis Credit Builder Card by Vanquis can be a decent choice for you.
Furthermore, this card offers cardholders the opportunity to build or boost its Vanquis credit rating. As with a good Vanquis credit rating, you can manage your credit card and make the payments by staying below the credit limits.
Therefore, in this article, we will demonstrate you to improve your Vanquis credit score along with a comprehensive description of all technicalities associated with the Aquis Credit Card.
Effective account management with Aquis Credit Card will allow you to raise the credit limit to a maximum limit of £4,000 after every five months with at least five statements in a month. With this credit builder card, learn how to easily increase credit score by 100 points.
Additionally, the Aquis Credit card by Vanquis offers additional Contactless functionalities (on purchases more than £30). It likewise provides 24/7 full customer support online banking, along with the iPhone and Android eVanquis applications that enable you to access your account from your mobile phone at all times. Also, the Aquis Credit Card has no annual fee, but if they miss a payment or go beyond their allotted credit limit, consumers will pay a fee of £ 12.
Aquis Credit Limit
The Aquis Credit Card is issued by Vanquis and is focused on those who may have a few imperfections on their credit history. The company is continuously trying to help consumers handle their credits by first granting a maximum limit of £1,000 after being verified that the payments will be kept and paid on time, after every five months, before a full maximum of £4,000 has been reached. Vanquis also gives consumers information about avoiding debt and developing their credit on their Credit Card site.
Besides being a more expensive representative APR than many credit cards on the market, charges correspond reasonably to their competitors – such as late payment charges or excess of the maximum limit of £12 each. Customers can withdraw cash with a 3% charge anywhere in the world with their Aquis Credit Builder Card, but with abroad use, they will also have a 2.99% non-sterling transaction fee.
|Minimum Aquis Credit Limit||£250|
|Maximum Aquis Credit Limit||£1,000|
|Credit Limit Note||Increased to £4K|
Aquis Card Foreign Transaction Fee
The Aquis Credit Builder Card can also be used overseas ATM, with a 2.99 percent non-sterling foreign transactions fee, charged in a local currency in a restaurant or hotel, etc. However, this rate is standard on all Aquis travel card incentives.
However, the non-sterling Foreign Transaction fee from an outside ATM requires an additional 3% withdrawal fee (minimum of £3) besides the 2,99% non-sterling fee. These charges and interest rates are paid instantly for cash transactions.
The Foreign Cash Withdrawals are 3% (£3 min) + 2.99%
The Foreign Credit Card Transactions (i.e., purchases) is 2.99%
Cash Withdrawal Fee on Aquis Credit Builder Card
Aquis’ card may withdraw cash, but a 3% charge may be paid per cash withdrawal that is higher. A non-sterling fee of 2.99% is to be charged foreign money from an ATM abroad. (more on that below). It is costly to withdraw cash from a credit card, and for three purposes, we usually do not suggest it:
- The cash interest rate is greater than the purchasing rate.
- Cash withdrawal interest is immediately charged.
- A 3 percent fee, which is a minimum of £3, is paid for each cash withdrawal.
The cash withdrawal fee is £3 or 3%.
Annual Percentage Rate (APR) For Aquis Credit Builder Card
Aquis Credit Card by Vanquis employs risk-based pricing to assess the interest rate, considering your Aquis credit card application form and credit reference agency details. A representative Aquis purchase APR of 29.8% receives at least 51% of applicants. The remaining 49% of candidates will earn a higher interest rate from 29.8% to 59.9%. Cash representation prices also begin with an APR variable of 29.8%.
|Aquis Card Interest Rate APR|
How Frequent Can You Get Credit Limit Increase With an Aquis Card?
Depending on the specific financial conditions, the initial credit limit on an Aquis credit builder card is between £250 and £1000. You would be entitled to a rise in the credit balance of up to a maximum of £4000, subject to effective account administration after the 5th statement every five months afterward.
Although individual cardholders find a higher credit limit beneficial for acquisition and likely for improvement, it is not ideal to have a higher loan limit. For example, you may deny or even request a lowering of the Vanquis limit if you have a limited budget and do not want a higher threshold. However, note that hitting the credit limit contributes to default penalties, which could impair the credit rating, making it more challenging to access credit.
Monthly Minimum Payment On Aquis Card
To provide an example of what the minimum repayment each month is estimated to be the highest of:
- Dependent upon your APR, the number by which your account is in arrears, one of 3.5%, 4.5% or 5% of the balance owed on your account on the date of the report;
- Any interest/minimum financing charges, default, and maintenance charges applied to your account after the last statement plus arrears attributable to your account plus 2.3% of the remainder.
- £3 as the mininmum payment
If you don’t spend any more on the bill, the minimum monthly charged sum would be lowered over time (as the balance drops) before the minimum payment level exceeds £5. In terms of long-term interest charges, spending just the minimum £5 payment floor is highly costly and may lead to debt issues.
E.g., if a cardholder pays just the equivalent of 8X per month to cover a debt of £500, so interest fees over time would equate to around £300 more significant than that of a cardholder who pays £50 a month regularly.
How To Apply for Aquis credit card?
You can apply for an Aquis credit card online by filling their Aquis credit card application form. The application form is available on its official website.
Applying for an Aquis Credit Card
Individuals interested in receiving an Aquis card can confirm their eligibility on their website through the eligibility checker. You will get an answer within 60 Seconds without adjusting your Vanquis credit score from this eligibility checker.
This eligibility checker is also the key to your Aquis credit card application. You may need to request a form and documents, such as your full name mentioned in the national identity card, residential address, contact number, email address, date of birth, marital status, financial information, and a few other security details.
These cards usually enable citizens at the age of 18 and citizens of the UK to be at least 18 years old. At the discretion of the bank, you may need to submit other records.
You will get more insight into your qualifications after getting these details. You can also get a tentative offer to continue if you are pleased with what Vanquis Bank has proposed.
How To Use an Aquis Credit Card?
You’re going to choose to pay to keep inside the credit limit, so that will help you boost your Vanquis credit score, one of the factors for having the card first.
Furthermore, this card’s best tip is to pay the entire balance per month to prevent large interest rates. However, the payment on any credit card is often advisable, especially for credit builder cards, because they have higher interest rates than the average.
While the Aquis’ 29.8% interest rate is equivalent to most cards, this also ensures that you will generate interest fees if you hold a balance every month.
Pros And Cons of Aquis Credit Builder Card
|The Pros of Aquis Credit Builder Card are listed below:||The Cons of Aquis Credit Builder Card are listed below:|
How To Login To an Aquis Card?
By logging in to a platform where consumers can access the statement, make purchases on their card and verify the payment date, they can handle their Aquis credit builder card online. Also, consumers can make payments through the smartphone, via fax, and through a post office.
These are the steps to log in to the Aquis Card.
- Go to the Login page for the Aquis Credit Builder Card.
- Login with your account and email. After a successful login, the login screen appears.
- If your access to Aquis Credit Builder Card Login is still not accessible, see the Troubleshooting option there.
Vanquis App To Access Aquis Credit Card
With our stable online services called eVanquis, you can now access your account online. You would be allowed to monitor your account’s balance, read your statements, and pay for your credit card payment once you have registered for this program. Conditions and terminology are appropriate.
The Vanquis Bank app is available on Apple and Android to download for easier online banking.
With the Vanquis Bank App, you will manage your account on-the-go much faster and better. You may
- Look at your current balance.
- Check the amount you should spend.
- See the most recent transactions and transactions pending.
- Direct debits are generated and handled via the app.
- Payment via a debit card to your account
- See the overview statements over the past six months.
- Activate your card
To register, you just need
- UK number
- Date of Birth
- The Vanquis credit card
Aquis Credit Builder Card Alternatives
If your credit rating is low or your credit record is minimal, credit cards will support a new card, while most credit cards won’t. So, they act as credit builders credit card.
No credit card can carry higher interest rates than the norm to offset the danger of crediting unknown or bad conditions. Both these cards are “free,” which means that an annual fee would not be charged. While there is no single “best” card for all, use this list to consider the market and find the appropriate card for each scenario.
- Marbles Credit Card
- Chrome Credit Card
- Aqua Classic Credit Card
- Aqua Advance
- Barclaycard Forward
- Tesco Foundation Credit Card
- Capital One Classic Credit Card
Aquis Vs. Classic Credit Card
The classic Vanquis credit card would accept applicants without a credit background, adverse credit history, or unemployed. The initial credit limit is between £150 and £1000, and the APR is 39.9 percent representative. The pre-application eligibility checker can enable potential applicants to check the likelihood of acceptance before applying (useful to help avoid an unnecessary hard credit check without any rejection).
The advantages of the Classic Credit Card are listed below:
- Alerts for free text
- The interest rate for “good behavior” could be lowered by 5% a year.
- No annual fee
- Eligibility Checker
The disadvantages of Classic Credit Card are listed below:
- 9% variable APR on transactions more significant than the average interest rate
If you have a bad credit record, you’ll typically pay a higher interest rate for the Vanquis Classic but might be more likely to get the Classic. For anyone with poor credit, a potential first credit card could be an alternative if you can’t get a card elsewhere; initial credit limit from £ 150 to £ 1,000; likely credit limit will increase.
Aquis Vs. Chrome Credit Card
Vanquis chrome 29.3% credit card, is also for the bad credit card rating. The interest payment limits vary from £250 to £1,000, and the APR represents 29.5%.
The Vanquis chrome 29.3% credit card may be the right choice if you’re just qualifying for a credit card but want the interest rate lower than the Vanquis Classic. The Chrome is Vanquis’s lowest APR card, costing 29.5% of the representative variable APR. However, like a credit card builder, the interest is always necessary to raise more excellent interest rates if you have debt between the months. The initial loan cap shall be from £250 to £1000.
You can see the advantages of Chrome Credit Card
- Management of online account & SMS
- Mobile application
- No annual charge.
- Initial credit limit of £250 to £1,000.
- Credit limits will raise every five months, with effective account control up to £4,000.
You can see the disadvantages of Chrome Credit Card
- The interest rate is higher than average but lower than some credit builder cards.
For these two cards, you would potentially have very close interest rates. Moreover, To see if you are qualified, use the eligibility checker.
Frequently Asked Questions
What Initial Credit Limit Can I Get With an Aquis Visa Card?
If Vanquis bank is willing to give you this contract, a personalized credit limit will be defined based on your condition evaluation by Vanquis Bank. The minimum card limit is £250, and the maximum amount is £1000. You may apply for a credit limit raise after having had the card for a while and have proven Vanquis Bank to be reliable.
What Is The Fee To Use An Aquis Credit Card Abroad?
Since it is a no annual fee credit card, you cannot expect zero foreign transaction fee. Non-sterling transfers have a 2.99% fee. For instance, you would pay about £5.38 if you invest 200 euros.
Can I Withdraw Cash At an ATM Using an Aquis Credit Builder Card?
You can withdraw cash at an ATM using the Aquis Credit Builder Card, but you have to pay the non-sterling withdrawal fee of 2.99% abroad.
What Are The Monthly Minimums To Pay On an Aquis Visa Credit Card?
At least 3% or £10 must be charged per month, whichever of the two figures is larger. If then, you have £316.67, you might have set £10.00, and you would have paid £40.00 if you had £1,333.33.
It is usually not desirable to pay just the minimum sum needed per month. It is a very costly way of buying money that may contribute to permanent debt.
Takeaway – Is Aquis Credit Builder Card By Vanquis A Good Fit For You?
As discussed above, the Aquis Credit Builder Card could be an excellent method for raising your Vanquis credit score. It starts with a credit limit of up to £1,000 that is easily manageable. The credit limit increases every five-month up to £4,000. In addition, they also have online and mobile facilities and fast credit monitoring features.
As a result, checking credit does not impact your credit score. Try to first aim to get good credit score and then finally go and achieve the excellent credit score 800+. If you want these facilities, then this Vanquis’ Aquis Credit Builder Card is a good fit for you.
Are you looking at some US Credit Builder Credit cards? So, you may want to start with our legacy visa card review. If you think you won’t qualify for unsecured credit card, consider getting a Discover Secured Card.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates